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Chief economist update: The UK's going OK

BENJAMIN ONG  |  MONDAY, 31 MAY 2021
The country hasn't fully opened yet but easing restrictions, increased rate of vaccinations and stronger consumer and business spending combined to speed up the UK's recovery. This is underscored by the latest IHS Markit/CIPS PMI survey. Preliminary ...

Chief economist update: Victoria's victory against the virus voided

BENJAMIN ONG  |  FRIDAY, 28 MAY 2021
Australia's state of Victoria is back in lockdown. So are Victorians' irritation and anger at having their lives and livelihood restricted for the fourth time since the coronavirus began early last year. So are estimates of the cost to the state ...

Chief economist update: RBNZ will run out of patience next year

BENJAMIN ONG  |  THURSDAY, 27 MAY 2021
The Reserve Bank of New Zealand (RBNZ) kept the official cash rate unchanged at 0.25%, maintained the existing LSAP programme, and retained the existing Funding for Lending Programme (FLP) conditions at its 26 May Board meeting. Same old, same old. ...

AMP sued for charging dead clients

JAMIE WILLIAMSON  |  THURSDAY, 27 MAY 2021
... unlikely to be aware of the terms and conditions governing the member's superannuation product," documents filed by ASIC read. "Some representatives (such as partners, family members or friends) were likely to be transacting at a time of distress. ...

Advisers report burnout, breaking point: Research

KARREN VERGARA  |  TUESDAY, 25 MAY 2021
... changes and how they have been portrayed in the media has taken a heavy toll on this group and the profession," the report read. Forty-two percent are considering leaving the industry and a further 17% are unsure if they will stay in the profession. ...

Chief economist update: Twist in tail of Aussie economic revival

BENJAMIN ONG  |  TUESDAY, 25 MAY 2021
Australia's economy, just like its US and European counterparts, is progressing nicely, thank you very much. "Australian private sector growth eases from record but remains elevated," sums up Markit Economics' findings for the month of May. ...

Actuaries Institute unveils IDII recommendations

KARREN VERGARA  |  MONDAY, 24 MAY 2021
... policy document and/or PDS," the Provisional findings and recommended actions for individual disability income insurance read. Life insurers should avoid overly long-term guarantee periods for terms and conditions and use the Sustainability Guide in ...

Chief economist update: Recovery flashing hot, hot, hot

BENJAMIN ONG  |  MONDAY, 24 MAY 2021
The impact of decelerating coronavirus infections, accelerating vaccination momentum - permitting relaxation of restrictions - sprinkled with generous dashes of fiscal and monetary largesse have been captured in Markit Economics' latest PMI surveys. ...

Chief economist: What JobKeeper cliff?

BENJAMIN ONG  |  FRIDAY, 21 MAY 2021
"Prediction is very difficult, especially if it's about the future." This quote from Danish physicist and Nobel Prize in physics winner Niels Bohr has been proven time after time but more recently in the Australian Federal Treasury's prediction ...

Long way for super complaints overhaul

KANIKA SOOD  |  THURSDAY, 20 MAY 2021
From October 5 super funds must have stronger internal dispute resolution systems but a new ASIC survey shows many are still overshooting the 45-day deadline for resolving member complaints. The new IDR rules were set out in RG 271 introduced last July. ...